Dear Subscriber,

Each of the basic 7 solutions to the 7 Habitual tax mistakes lead to a list of tasks that should be performed by all businesses on an ongoing basis as part of their Tax Risk Management process.

Tax risk will never disappear, but it can be managed effectively and efficiently minimising your uncovered tax risk exposure.

As promised we have published a typical 7 Habitual Tax Mistakes report for you to view. Click here to view this report.

The solutions to the 7 Habitual Tax Mistakes will also be unpacked in more detail in the coming TAXtalk magazines, and in a series of seminars on the 7 Habitual Tax Mistakes (15 August 2007 and 11 October 2007).

Tax attorney Kerry Watkin discussed the first of seven habitual tax mistakes companies make. The solution to this mistake will be published in Issue 6 of the TAXtalk magazine. In her article, Kerry discusses how basic tax compliance is not enough, what is involved in proactive risk management, who should be included in the important tax team that has to be put together, on-the-radar and off-the radar screen tax issues, gathering and analysis of facts and the resolution to addressing all the taxpayers outstanding tax issues.

SUBSCRIBE to TAXtalk for R600.00 annually so that you can get your own copy of the magazine.

Tax Issues
Did you watch Summit TV's Tax Issues on Wednesday at 20h40?

Tax attorney Jennifer Faber discussed the third of seven habitual tax mistakes made by businesses. Tax Issues is broadcast on Summit TV (DSTV channel 55) on Wednesday at 20h40 and again at 22h40. Click here for a summary of the full interview.

Get the TAXtalk Magazine delivered to your postal address, receive a weekly tax electronic newsletter and have 24 hours‘ access to download TAXtalk information and eBooks. You can get all this by SUBSCRIBING to TAXtalk for R50.00 per month or R600.00 annually.

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Till next week.
Janine Connor
Head of TAXtalk

Sanchia Temkin, Professional Services Editor - Business Day

SA´s tax rate approach needed to be examined if the country was to remain globally competitive, Dermot Gaffney, head of indirect tax at KPMG SA, said yesterday. The lowest company taxes are still to be found in the countries of the European Union (EU), according to a report released by KPMG International yesterday.

KPMG´s annual tax rate survey

Survey finds signs that indirect taxes may rise as corporate taxes fall, but international tax competition has some way to go. The lowest corporate taxes among the developed economies are still to be found in the countries of the European Union, KPMG International`s latest global corporate tax rate survey has found.

eTaxjobs is a global job portal exclusively for tax professionals, and an online resource for employers and recruitment firms to advertise their vacancies. eTaxjobs operate in the UK, Europe, USA, Canada, Australia, New Zealand, Africa and around the World.

Available tax jobs for this week are:

• Assistant Corporate Tax Manager, Coors Brewers, Burton-on-Trent, UK
• International Tax Manager, PA Consulting Group, Melbourn, Herts, UK
• Tax Opportunities, BP, London, Surrey and Swindon, UK
• Strategy Tax Manager, Vodafone, Newbury, UK
• Tax Manager & Advisor, The Linde Group (BOC), Surrey, UK
• Advisory Accountants, HMRC, to £46,000 Manchester and Liverpool

Adv. Peter O´Halloran

Tax board decision number 196 dealt with a family that tried to convert the daily upkeep and maintenance of themselves as beneficiaires into allowable deductions in terms of the income tax act. This was done by means of a trust specifically drafted for this purpose.

Sanchia Temkin, Professional Services Editor - Business Day

PROPOSALS by the government to tax up to one third of the purchase price of 4x4 vehicles could, if accepted, set a dangerous legal precedent on the grounds of discrimination and be unconstitutional, say legal experts.

Kerry Watkin - Daniel Erasmus Attorneys

Most taxpayers try to keep their affairs in order, but what they do not realize is that the basic, usual tax compliance is not enough. Invariably there are so many other tax-related issues which taxpayers do not recognize as risk areas. Since they have never received any queries from the South African Revenue Service (SARS), taxpayers may believe those tax risk areas have not been identified and SARS has either accepted or over ...

TAXtalk invites you to write an article in which you share your views and expertise on tax. Your article can be published in the newsletter for 7000 readers to view, on our website for over 100 000 viewers to see and in the TAXtalk magazine(with your photo) for more than 16 000 readers to read. Make an impression, submit your article NOW.

Article Requirements:
1 Page Article : 900 words  1½ Page Article : 1350 words  2 Page Article : 1800 words
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Submit your article to: janine@taxtalk.co.za or post it to: (P.O Box 1650 Gallo Manor 2052)